Oppenheimer Maintains Market Perform On Bed Bath Following Earnings Release
In a research report issued today, Oppenheimer analyst Brian Nagel maintained a Market Perform rating on Bed Bath & Beyond (NASDAQ:BBBY) with a $69 price target, following the company’s fiscal second quarter earnings, which were released yesterday.
Nagel said, “We look on the Q2 (Aug.) results that Bed Bath & Beyond reported last night as better but not suggestive of a significant positive turning point for the chain. In our view, the pop higher in shares post-market might prove premature. Comp-store sales rose an above-plan 3.4%. Gross margins, however, remained soft. Excluding the benefit of the company’s recent ASR, FY14 (Feb. 2015) guidance is now modestly lower. Management definitely sounds more constructive on its plans for an omni-channel business model.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brian Nagel has a total average return of 3.0% and a 56.3% success rate. Nagel has a 10.4% average return when recommending BBBY, and is ranked #1292 out of 3300 analysts.